The Karachi Cotton Association (KCA) kept spot rate at Rs 5,250 per maund while market stood positive during trading session and majority of the ginning units produced second grade lint to around 6,600 bales out of total output of around 9,900 bales.
The sellers dominated the market by asking price on their terms while buyers remained quality cautious that kept market sentiments on dull side despite shrinking domestic fine stocks, floor brokers said.
The spinners of Punjab bought fine lots around Rs 5,650 per maund and Rs 5,675 per maund, while Sindh ginners offered their raw produce on competitive prices at around Rs 4,775 per maund depending on trash level.
The quality lint would likely to fetch above Rs 5,700 per maund while the poor cotton would be traded around Rs 4,775 per maund during coming trading sessions. Ghulam Rabbani a senior trader said sellers in coming days seller would ask higher price for fine grades on increasing demand.
Quality remained on top priority and the textile and spinning units were covering their long standings. In the domestic market, around 200 bales each of southern Punjab and 200 bales of upper Sindh stations changed hands at Rs 5,075 per maund and Rs 5,275 per maund respectively besides some contracts concluded in the range of Rs 5,150 per maund to Rs 5,275 per maund.
Last night in New York futures market, March 2016 closed at around 63.10 cents per pound, while May 2016 closed at 63 cents per pound.
News source: Daily Times